On May 29, PLMP Fintech was awarded a contract to work with the Agency for Free Trade Zone and Free Port of Batam and Indonesian firm Central Distribusi Batam. They will work on a new project that is expected to reshape Indonesia’s logic sector.
The project will be focused initially on its biggest island Riau Province and will be created in conjunction with the Ministry of Trade.
The initial phase of the project will be focused on using already established technology by PLMP Fintech. Its Creatanium blockchain protocols have already been used to standardize the process between buyers and sellers, and this technology will now be used for the same purpose for those involved in the agricultural commodities.
Clayton Ong, who will serve as the country manager overseeing the project, sees how this could quickly become a technology that can be embraced and used in a revolutionary way that could change the logistics sector across Indonesia. “Both parties will benefit from a simplified process where offering prices and trading are conducted openly and transparently,” he said.
Indonesia is one of the toughest countries to govern, because of its landscape. With literally thousands of islands and a large portion of its space contained within jungle area, it is difficult for supply chains to be established and records to be maintained. It is believed that this new blockchain based tracking platform will not only make the supply chain a lot more efficient but help to maintain records that will be easier to track and retrieve. This while providing the highest levels of security for these records.
This would be a big bonus for the nation to say the least. The cost to maintain the country’s logistics sector is twice that of neighboring nations. Most of this occurs due to inefficiencies related to transportation and delivery. The new implementation of PLMP’s blockchain technology will provide a solution that will enable government leaders to trace products from the initial starting point all the way through delivery while being able to track costs and successes of deliveries.
PLMP Fintech has created a vision where they intend to build a blockchain environment that will be different than any other option available. They are already in the works to create several other projects throughout Southeast Asia, with one of these in Batam. Since May 2018, Creatanium has become one of the most valuable digital currencies on the market today, already surpassing the value of the U.S. dollar.
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